Oman’s Renaissance Services has entered into an agreement to divest Topaz Engineering Limited (TEL) and its subsidiaries, which provide marine engineering and shipbuilding services in the Middle East.
Chalmers Holdings Limited has acquired the business for $18.5m.
“This divestment marks a milestone in our ‘One Group: Two Companies’ strategy, which has seen the Renaissance Group focus on its two core areas of expertise: offshore support vessels and contract services. We have handed over TEL responsibly to a well-renowned operator who will be able to take the business forward with the requisite focus and enterprise, and positively impact our people and customers,” said a spokesman for Renaissance Services.
The divestment will result in a loss of $5.5m.